Approve Amendment No. 3 to Parking Lease Agreement Between Tampa-Hillsborough Expressway Authority and the School Board of Hillsborough County for Parking Lots Adjacent to Raymond O. Shelton School Administrative Center

On May 6, 2008, the School Board of Hillsborough County approved a Lease with the Tampa-Hillsborough County Expressway Authority for parking lots adjacent to the Raymond O. Shelton School Administrative Center.  These lots are referred to as "ROSSAC City Lots 1, 2 and 3" that contain 213 surface parking spaces.  The Lease included four (4) additional and consecutive three (3) year extension periods and a rent adjustment on the Extended Term.  The first extension term of the Lease will expire on May 7, 2014 and the attached Amendment No. 3 will approve the second of the four extension periods and adjusted rental fee.  This second term will commence on May 8, 2014 and end on May 7, 2017.

Paragraph 5 of the original Lease states the adjustments to the base rental fees for the extension periods are based on the Consumer Price Index published for the nearest calendar month preceding the commencement of the Extended Term.  Base rent for the last year of the first extension period was $74,611.16; base rent adjustment for the second extension will increase by 1.50% for a total of $75,730.33.  All other terms and conditions remain the same as the original 2008 Lease.

The approval of Amendment No. 3 assures the School Board continued and uninterrupted parking capacity for administrative and business purposes at the ROSSAC Building.  The Expressway Authority is the owner of the property and as Lessor, will execute this Amendment upon School Board approval.

The Adjusted Based Rent of $75,730.33 annually for the 213 surface parking spaces is $29.63 per  month per space, an increase of $1.90.  The funds for the Second Extended Term of the Lease will be derived from General Operating Funds.